HC2 on roadshow with $250 million offering of five-year notes

By Paul Deckelman

New York, Nov. 3 – HC2 Holdings, Inc. began a roadshow Monday for a $250 million offering of five-year senior secured notes.

High-yield syndicate sources said that the marketing effort would continue throughout the week, with pricing expected sometime thereafter.

Jefferies & Co. will be the bookrunner for the Rule 144A and Regulation S offering, which is being sold without registration rights.

The notes will have two years of call protection and then will become callable at a price of par plus 75% of the coupon.

HC2, a Herndon, Va., diversified holding company that seeks to acquire and grow attractive businesses that generate sustainable free cash flow, plans to use the proceeds from the offering to refinance existing debt that was issued in connection with its previous purchases of shares in Global Marine, Schuff and Novatel.

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